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DECEMBER 2021

Coronavirus May Tip the Global Economy Into Recession

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Coronavirus May Tip the Global Economy Into Recession

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Written by Dr. Leon Tressell exclusively for SouthFront

* Global supply chains suffering major disruption

* China’s economy flat lining

As each day passes the numbers get worse for the impact of the Coronavirus The numbers of people infected and who have died from the Coronavirus have already exceeded the Sars virus and look set to get much worse.

As if this wasn’t bad enough the Coronavirus threatens the global economy with a China led recession. What happens in China matters more than ever due to its huge role in the global economy. A few statistics serve to illustrate this.

China has the second largest economy in the world which accounts for 17% of global GDP while it has the largest share of global trade standing at 13.45%. China is by far the biggest manufacturer in the world with its factories generating $3.7 trillion of value in 2017, more than the U.S., UK, Germany and South Korea combined.

Coronavirus hits consumer spending in China

The cancellation of Chinese new year celebrations is estimated by Bloomberg to have delivered a $140 billion hit to the economy which won’t be recovered once the epidemic has passed. Small and medium sized businesses have been particularly hard hit.

Apparently, tourism, movies, restaurants and consumer spending during the new year period in 2019 accounted for 7% of GDP in the first quarter of 2019. This one off annual boost to the economy cannot be recaptured once the epidemic passes.

Figures just released give some idea of the economic impact of the Coronavirus on travel throughout the new year period. According to the Chinese ministry of transport there was an 82% fall in the number of trips taken compared to last year.

On the railways ticket sales saw a massive decline. Less than one tenth of the 2019 number were sold this year. Meanwhile, domestic airlines had cancelled 20 million tickets worth $2.86 billion.

This week sees a phased return to work of millions of migrant workers travelling back to large urban centres. A week after the officially sanctioned return to work over 27 million migrant workers have yet to return to travel.

Anecdotal evidence coming out of China indicates that consumer spending remains subdued due to the state of semi-lockdown prevailing in most of China’s major cities. Many ordinary people are afraid to leave the house and will only venture out for essential supplies. Never mind the 50 million people on full lock-down in Hebei province and 30 million in Zhejiang province.

Millions of small-medium businesses will be sorely tested by this huge drop in consumer demand never mind the impact upon foreign companies who make billions in sales in China’s domestic market.

The South China Morning Post notes the huge size of China’s domestic market which provides huge sales revenue for many foreign companies from Apple to German car makers.

“China’s consumer market – badly hit by the virus – is bigger than the US and European markets combined, with the e-commerce market alone worth US$615 billion in 2015, and while it is dominated by domestic vendors, it is significant for most internationally prominent brands.”

Recent estimates suggest that smartphone sales could fall as much as 50% during the first quarter of 2020 while China’s shipment of smartphones are expected to decline between 30-50% during this period.

Car sales in China fell by a whopping 22% during January the biggest ever drop for this month. This is terrible news for both domestic and foreign car makers. Autovista Group, a European based analyst for the car industry has said this news may, “cause alarm among many manufacturers who pin their financial hopes on the [all important China-LT] market.”

The China Passenger Car Association is predicting that car sales may fall more than 30% in February.

Car sales in China have fallen for the last 3 years which indicates a significant fall in consumer purchasing power due to rapidly rising wealth inequality.

China’s middle classes have developed a taste for foreign tourism in the last decade and now account for $23 billion a month which represents around 16% of tourism spending worldwide. One estimate reckons that foreign tourist destinations are losing at $4.6 billion a month due to the Coronavirus while major airlines, from Cathay Pacific, America Airlines, British Airways and Lufthansa are making losses leading to them cancelling flights to China.

The Economic Intelligence Unit estimates that China’s outbound tourism will not recover until 2021 leading to a global loss of $80 billion. Many Chinese people start booking holidays after the lunar new year but this year that is just not happening.

As if this wasn’t bad enough the Chinese people are also struggling with rapidly rising inflation. Year on year inflation rose by 5.4% while January saw a monthly rise of 1.4% compared to last December. Year on year food prices went up by a whopping 20.6% while consumer prices rose by 7.7%. Food prices from December 2019 to January 2020 rose 4.4%.

It remains to be seen how the epidemic will affect prices over the next few months but it would not be surprising if inflation spiked higher due to the closure of large chunks of the economy. When demand exceeds supply it often results in higher prices.

Threat of widespread job losses in 2020

In December 2019 central government instructed local authorities to prepare for possible large scale job losses in 2020. The executive meeting of China’s State Council on 11 February declared that a top priority during the epidemic was to, “Avoid massive lay-offs, and encourage local governments to aid enterprises in stabilizing employment with their unemployment insurance fund balance and other funds.”

Social stability is seen as an essential task at a time of national crisis.

China’s service sector, which has absorbed many of the job losses that have arisen from the restructuring of state run heavy manufacturing, accounted for over half of all employment in 2019. It has been hard hit by the lock downs gripping large sections of the country prompting fears that the service sector will suffer many redundancies as businesses close due to a huge decline in customers.

According to central government figures in 2018 there were 63 million small businesses employing over 150 million people.

In 2003 the Sars outbreak led to 8 million job losses when China’s economy was booming following its accession to the World Trade Organisation. Before the outbreak of the current epidemic China’s economy was slowing leading to a series of mini stimulus measures by the government and People’s Bank of China (PBOC) during 2019.

The central government in Beijing is very fearful of the impact of large scale job losses on social stability at a time when it has come under a lot of public criticism due to its handling of the crisis. Tens of millions of small businesses in China face closure over the next two-three months unless the epidemic dies down and the economy is fully opened up again.

According to central government figures in 2018 there were 63 million small businesses employing over 150 million people.

The South China Morning Post has carried a series of reports detailing the job losses, wage cuts and reduced hours already faced by many people in the small business sector.

President Xi this week has said that local government must work to, ‘ensure the general stability of the job market.’ Meanwhile, Premier Li has declared that China must avoid ‘large-scale’ job cuts.

National government has introduced measures to ‘stabilise employment’ including the injection of 1.2 trillion ($173 billion) into financial markets and cutting interest rates to encourage bank loans to small-medium businesses and the public. Besides this, it has brought in tax cuts for the service sector and subsidies to small-medium businesses who do not lay off more than 5.5 % of their staff.

In this last week, China’s central bank has injected another $77 billion into the monetary system. Banks are expected to offer loans to struggling small and medium sized businesses. Apparently, companies will be eligible for subsidies, “to the extent that a “small increase” of non-performing loans owed to banks will be “tolerated.”

Local authorities are introducing a series of emergency measures ranging from reducing rents to postponing social security contributions.

Many analysts and small business are saying that these emergency measures are not enough to prevent mass closures of small businesses over the next 2-3 months. It is feared that the financial measures will not trickle down in time to save many small-medium businesses from closure.

One financial analysts, Tang Dajie from the China Enterprise Institute, sums up the opinion of many when he said that,”a large batch of firms could die” this spring before the measures from central government trickle down. He said that China’s economy needs ‘cardiotonics’. In other words measures similar to the drugs used to treat heart failure.

Meanwhile, China’s critical manufacturing sector is facing a lot of economic pain.

Tens of thousands of factories have been closed in China for several weeks. The Wall Street Journal has reported on the struggle facing China’s factories to resume operation despite government authorization for a mass return to work. Many migrant workers are staying put in their home towns/villages or face quarantine once they return to the cities where they work in the manufacturing hubs of China.

The return to work does not include prosperous regions such as Zhejiang which is close to Shanghai. It has a population of over 30 million which is still in full lock-down. Businesses are closed until at least 18 February while all public transport has stopped. Even funerals are banned.

Hubei province, at the epicentre of the Coronavirus outbreak, with a population over 50 million is still closed for business. It produces a quarter of all cars made in China. All told industry analysts estimate that around 435,00 fewer cars will be produced in China this year. Of course. That may change depending on when the outbreak fully passes.

Disruption of global supply chains

Besides cars there are over 70 factories in Hubei producing essential components, such as lighting, braking and electrical parts, for foreign car manufacturers.

Car factories outside of China are closing due to China’s central role in supply chains.

Hyundai closed all of its car factories in South Korea, which include the world’s largest car factory at its Ulsan complex, due to a shortage of wiring-parts that are supplied by China. This has led to the temporary lay off of 25,000 workers. This was costing Hyundai an eye-watering $500 million a week.

Latest reports suggest that Hyundai will reopen all its car plants next week as some key Chinese suppliers had resumed production this week.

Meanwhile, Nissan is closing several car plants due to a shortage of essential parts that are made in China.

Car manufacturers in the EU and U.S. warn they are not far behind due to a shortage of critical parts that are made in China. This will have painful consequences for these car manufacturers considering that China has the world’s largest market for cars.

Global economy/trade being affected

Besides, the huge impact of the virus epidemic to China it also becoming increasingly apparent that the global trade is being affected by Coronavirus pandemic. This is most graphically illustrated by the impact upon global container shipping. This is likely to lead to months of delivery delays for many companies. 80% of of world goods trade by volume is transported by sea. Everything from clothes to cars, electronic products and oil are shipped in containers.

Alex Longley in a piece for Bloomberg has observed that:

“February 2020 will come to be remembered as a period of historic disruption to physical supply chains the world over, as the coronavirus wrecks trade.”

Many ships are stuck in Chinese ports awaiting loading/unloading while many can’t get into the ports. Shanghai and Hong Kong both reported that only 50% of dock workers returned to work last Monday. Meanwhile, many cargo ships returning home from China are stuck in ”floating quarantine zones” as seen in Australia and Singapore.

Giant shipping companies such as Maersk. MSC Mediterranena, Hapag-Lloyd and CNA_GGM have reduced the number of vessels on routes to China. Denmark-based maritime data provider Sea-Intelligence said this Monday that over 350,00 container boxes had been removed from global trade networks since the outbreak of the Coronavirus amounting to $350 million a week in lost volumes.

Another alarm bell for the global economy is the impact of weakened demand for raw materials from China’s consumers and industries. Dry bulk shipping is being hard hit due to much lower demand for important commodities such oil, iron ore and copper.

Oil prices have fallen by 20% over the last month reflecting the 20% fall in China’s daily oil consumption. Industrial metals such as copper and iron ore have also seen double digit falls in price.

China’s insatiable demand for oil and industrial metals since 2008 has played a major factor in helping lift the global economy out of recession. The decline in China’s demand for these essential commodities does not bode well for the global economy which was slowing down throughout 2019.

The International Energy Agency’s (IEA) oil demand report for 2020 makes for grim reading. In 2019 China accounted for more than 75% of oil demand growth as consumption from OECD nations declined. The lock down of China’s flat lining economy will have a major impact upon both OPEC and American shale oil producers. The IEA’s report states:

“The consequences of Covid-19 for global oil demand will be significant. Demand is now expected to contract by 435 kb/d in 1Q20, the first quarterly decrease in more than a decade. For 2020 as a whole, we have reduced our global growth forecast by 365 kb/d to 825 kb/d, the lowest since 2011.”

The report concludes that OPEC nations will be forced into making further cuts to production hitting their main sources of income:

“Now, the risk posed by the Covid-19 crisis has prompted the OPEC+ countries to consider an additional cut to oil production of 0.6 mb/d as an emergency measure on top of the 1.7 mb/d already pledged.”

The impact on America’s shale revolution could be substantial considering that both independent and major oil producers are not generating any free cash flow and are surviving due to a massive build up of debt that totals over $200 billion. $40 billion of that debt matures in 2020. The IEA report suggests:

“Lower oil prices, if sustained, are also bad news for highly responsive US oil companies, but we are unlikely to see an impact on output growth until later in the year. The effect of the Covid-19 crisis on the wider economy means that it will be difficult for consumers to feel the benefit of lower oil prices.”

Numerous reports are emerging of the impact of China’s economic woes upon America. U.S. exporters are set to see an 8% fall in exports this year despite the phase 1 trade deal leading J.P Morgan to estimate that the Coronavirus will knock GDP down by 0.25% to a mere 1% growth in 2020.

China’s economy was slowing down before the virus epidemic

The slowdown of China’s economy during 2019 is shown by the falling profits of industrial companies which were down 3.3% during 2019. It is further illustrated by figures from the Purchasing Managers Index (PMI’s).

PMI’s provide important insights into the state of an economy and have the power to move financial markets. If they give a reading of over 50 it indicates future growth or expansion compared to the previous month while a reading of below 50 suggests contraction.

In January the National Bureau of Statistics (NBS) revealed that China’s January PMI figure to be 50.0 down 0.2% from December 2019. The NBS press release, issued on 3 February, breaks the figures down further suggesting that large and medium manufacturers were hovering above the recession level of 50 while small manufacturers were already in recession territory:

“… the PMI of large-sized enterprise was 50.4 percent, down by 0.2 percent point from last month; that of medium-sized enterprises was 50.1 percent, 1.3 percentage points of lower than last month. … The PMI of small-sized enterprises was 48.6 percent, 1.4 percentage points higher than last month and stayed below the [recessionary-LT] threshold.”

The non-manufacturing sector fared slightly better with a PMI of 53.1. Yet the new orders index for this sector was 50.6 and the employment index was 48.6.”

China’s economy may slip into recession this year

The battering that China’s economy is taking across all sectors from the Coronavirus is leading many economists to substantially lower estimates for the country’s GDP growth this year. According to a Reuters poll of 40 economists from around the world China’s GDP growth for the first quarter is expected to slow to 4.5%. This expected to drag the full year GDP rate to 5.5% which would be slowest since 1990.
Some economists are even more pessimistic. Freya Beamish, chief Asia economist at Pantheon in London estimates that first quarter GDP could be a below 2%.

Most of the financial media and the Chinese government itself are making rosy forecasts that China’s economy will rebound and quickly makes up the losses from the first quarter once the Coronavirus epidemic dies down.

However, not all economists are confident of this considering China’s growing array of problems before the outbreak of the Coronavirus. These range from American tariffs to massive levels of corporate and consumer debt, rapidly rising income inequality, declining corporate profits, falling industrial production and the rising number of industrial disputes in the service sector.

Iris Pang economist at ING in Hong Kong has stated:

We do not expect aspeedy recovery for the economy,even in the unlikely event that there are no new confirmed cases. After the coronavirus has been contained, it may still take four quarters to see a full recovery.”

This pessimistic assessment is echoed by the CEO of China’s most valuable company Daniel Zhang of e-commerce giant Alibaba. He warned of the dangers that the pandemic poses to both China and the global economy. He called the virus a “black swan” event:

“The [coronavirus] outbreak is having significant impact on China’s economy, and may potentially affect the global economy. It will present near-term challenges to the development of Alibaba’s business across the board.”

Alibaba’s Chief Financial Officer Maggie Wu added to the gloom when she said that revenue’s in the first quarter of 2020 will be “significantly” negative.

Bloomberg notes that the Coronavirus is ‘Bringing Alibaba to its knees’ and that the companies biggest division was ‘already sliding’. It concludes that the Coronavirus may deal a ‘knockout blow’ to China’s most valuable company whose financial health is seen as a barometer for the wider economy.

A steep contraction of China’s economy during 2020 has grave consequences for the global economy beyond disruptions to supply chains. Global growth since the 2008 economic recession has been heavily dependent on China.

David Dodwell, executive director of the trade policy think-tank Hong Kong-APEC Trade Policy Study Group has noted:

“This is significant not just for Beijing, because Chinese growth has been by far the largest contributor to global growthsince the 2008 global financial crisis. At its peak in 2012 and 2013, China’s growth in dollar terms accounted for 58 per cent and 48 per cent of global growth respectively. Even in 2017, it accounted for 23.5 per cent of global GDP growth, in 2018 almost 30 per cent, and last year an estimated 39 per cent.”

Beijing’s ability to continue being the engine of global growth is questionable considering the array of problems its faces both domestically and on the global front. In particular its $41 trillion debt pile, of which $1.5 trillion is considered as distressed bad debt, are ticking time bombs hanging over the economy. This is considered as dangerous and unsustainable by many economists and has been acknowledged as such by the CCP government hence its efforts at deleveraging the economy in recent years.

In 2008 China kick started the global economy by its $586 billion stimulus programme. Its ability to do something similar in 2020 to rescue the economy from the effects of the Coronavirus maybe constrained by its huge debt problems.

In the past it was widely acknowledged that when America’s economy sneezed the rest of the global economy caught a cold. It could be argued that this equally applies to China now. Its contribution to the global economy is so vast that a downturn in its economy this year may be enough to tip the world into recession.

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Vitex

Looks more and more like biological warfare from the ZOG

FlorianGeyer

ZOG or the US.
My suspicions as well , and especially after reading an Indian report.

https://www.sgtreport.com/2020/02/coronavirus-bioweapon-update-unique-hiv-1-signatures-confirmed-by-team-of-indian-scientists/

Zionism = EVIL

Jew fucks created this ethnicity targeted virus. China should nuke the filthy bastards.

Jake321

Guess you’re into bat soup since you identify being so bats yourself.

Ashok Varma

There is an element of biowarfare in this episode, but the Chinese have risky meat eating habit of eating anything from cockroaches to bats and monkeys.

Ashok Varma

Indian reports indicate it was a US biowarfare targeting Chinese ethnic Han group and the casualties are much higher than China admits and this is just the tip of the iceberg.

Zionism = EVIL

Free bat soup for the Jews should do the trick.

observerBG

This writer is deliberately exaggerating and he is not even smart to hide it well. Maybe he is a paid doomer ala Zerohedge, or maybe he is paid to attack China specifically. I have seen better manipulators. Not a single analyst in this piece claimed a recession in China, The most pessimistic prognosis was for 2 % growth in the fist quarter only. Recession means two quortes below zero growth.

Take this for example. “Numerous reports are emerging of the impact of China’s economic woes

“upon America. U.S. exporters are set to see an 8% fall in exports this year despite the phase 1 trade deal leading J.P Morgan to estimate that the Coronavirus will knock GDP down by 0.25% to a mere 1% growth in 2020.”

No, if you follow the link you will notice that this is about 1% growth in first quarter of 2020, not for the whole of 2020 growth of the US.

The consensus view is this – a drop in China growth from 6 % in 2020 to 5,5 %. A temporary (one quarter) blow followed by increase in economic activity in the next quarters and in 2021.

I would call the situation unpleasant but not a huge deal.

Tommy Jensen

Precisely. Come on China. If you can dream it, you can do it!
https://www.youtube.com/watch?v=bYV26bb5A7Y

leon tressell

To dismiss the situation in China as ‘unpleasant but not a big deal’ is glib and superficial. The Chinese people who are suffering due to the epidemic would strongly disagree with your sentiment as would the government in Beijing.
Even before the coronavirus both Europe, Japan and China were heading towards recession. This pandemic will merely accelerate this process.
It is clear from your comments that you really don’t understand the vitally important role of China in the global economy.
China’s gigantic debt problems alone are enough to trigger an economic collapse.
You seem to be unaware of the interconnected nature of global finance particularly in the dangerous derivatives market. In 2008 the sub prime mortgage crisis, which in macro terms was not that big, helped trigger a global recession.
Your childish comments that I am a ‘paid doomer’ ‘paid to attack China’ is preposterous nonsense of the highest order. I would love to see your detailed analysis of the global economy.
Ranting from your armchair is so easy.

observerBG

China was not heading towards “recession”, you have no idea what you are talking about. No company or international institution estimated that. China is estimated to grow by 5 % on average by all international institutions and major companies up to 2030. You don’t know much about China, apparently.

US Subprime crisis caused a – 0,1 world gdp growth (barely a recession) in a time when the US had far larger share of the world economy than China today.

What will power chinese growth ahead? Urbanisation and digitalisation.

China actually has large rural population, some 41 %, as opposed to 10 – 20 % in developed countries. In 2010 it was half the population. China is undergoing massive urbanisation as it is becoming a developed country, and new cities need to be built. Something that happened earlier in history to many countries. You can see right now China as the US in the 1940s, with its urbanisation and industrialisation. This

process will take some time, at least 20 more years, and will powergrowth ahead into the future.

Surprisingly enough, some 40 % of its population also lack internet
connectivity, as opposed to 10-20 % in developed countries. This means
again lots of growth into the future, as additional hundreds of millions
will be plugged into the internet.

Simply put, China’s per capita gdp, urbanisation, and internet connectivity, are far too low. This means that there will be lots of growth well into the future, as catch up effect will be in place.

leon tressell

I will not respond to your childish personal insults.
If you looked at the PMI figures that I quoted from China’s Bureau of Statistics it is quite clear that large-medium manufacturers were hovering just above contraction territory last December while small manufacturers, that employs millions, were in contraction territory.
Are we supposed to assume that the PMI figures for the first few months of 2020 will improve?
Do you understand how important PMI figures are for giving a good estimation of how well an economy is doing?
The EU economy is doing terribly hence the ECB restarted its QE monetary easing programme last year.
Germany is destined to slip into recession this year as are many other EU countries with massive financial problems such as Italy. China is one of the biggest export markets for the EU. Take this market away and EU countries will be in even more financial trouble.
As for debt levels. Your analysis ignores the plight of China’s banking sector which has been struggling with record loans defaults. As Bloomberg notes this has already led to one bank seizure by the PBOC and 2 others to be bailed out. The current cricis is going to force millions of small-medium businesses into taking on further debt at a time when $944 billion of debt matures this year.
Anjani Trivedi in Bloomberg today has noted:
“The resulting economic slowdown will bite into earnings by 10% to 20% for months and hamper the ability of companies to pay their debts. As asset quality deteriorates, Goldman Sachs Group Inc. estimates that Chinese banks’ implied ratio of bad-to-total loans will jump to 8.1% from an earlier prediction of 5.4%.”

If you think China can just go piling on debt with no consequences then maybe its economy will just motor on .. lala land is the phrase that comes to mind.
Your rose tinted hopes for China’s economy smacks of extreme hopium.

The only thing that has prevented global recession is the gigantic money printing and interest rates cuts carried out by dozens of central banks over the last year. The worlds’ most powerful central bank the Federal Reserve has increased its balance sheet since September 2019 by over $400 billion. The PBOC has also printed trillions of yuan out of thin air to keep its monetary system going a bit longer before the day of reckoning.

observerBG

You were not insulted, you were simply caught lying. Too bad.

PMI contraction does not always indicate recession, rather a decrease in growth rate of the sector. China’s industrial production rose 6.9 percent year-on-year in December 2019.

https://www.ceicdata.com/en/indicator/china/industrial-production-index-growth

It is not the service sector either. Manufacturing represents ever smaller share of the global economy. China GDP growth is to be pretty large 5,5 % this year, according to the majority of experts.

The EU is not in recession either, this year it is projected to have higher growth rate than in 2019. “Many” EU economies are not projected slip into recession, only Italy, which has terrible demographics and it is dying out. But Germany is doing pretty well. The 0,6 GDP growth this year masked the fact that german public debt is decreasing and the country has large budget and trade surplus. Yes, if the country decides to invest these surpluses it would have far larger growth. It is their decision.

As for EU exports to China, trouble is only estimated for the first quarter of the year.

As for debt levels – China won’t be incteasing its debt load as a result of the crisis and there won’t be any large stimulus.

https://www.globaltimes.cn/content/1179749.shtml

As for US money printing – the US can print as much as it wants as long as it has the world’s reserve currency – thus, it can steal from the rest of the world. This won’t continue forever, but it would require for the Us dollar to be replaced, which won’t happen earlier than 2025 – 2030 period.

RichardD

China has $4 trillion in cash. It’s in a much better position to manage it’s debt than the US which is the planet’s largest debtor, has practically no cash and can only pay it’s debt with increasingly growing debt.

Z.P.

Saying that US “has practically no cash” while they have cash printing machine and infinite licence to print is absurd.
You probably wanted to say ” no cash” savings.
US has no intention to pay their debt and their military budget is proof for that.
If US world parasite doesn’t collapse in the near future they must be defeated militarily before they destroy the planet.

Jake321

Your first point is correct but the rest is silly bull crap.

Zionism = EVIL

Learnt how to spell TRULY yet? dumbass JEW FUCK!

Jake321

LOL…and where did I spell “truly” wrong? Damn, may be I gave you too much credit and you actually are just another ignorant, bigoted hick loser. Or too much Vodka ration is just doing this to what’s left of your already pickled brain.

Zionism = EVIL

Arsehole, I am on to you Yid swine LOL

Jake321

Well, not quite. Only about $7 trillion of US debt is owed to foreigners. All the rest is owed to itself or Americans. As with any debt it can pay it with future revenues or printing money as well as more borrowing. Oh, note that the US has more gold reserves than China and Russia combined. You’re on to another subject where you arrogantly know little.

RichardD

You haven’t disproven anything that I’ve written. Try again moron. Not that I’m expecting a depraved pervert like you shilling for blood sucking Jew baby rapers to do any better on a second attempt.

Jake321

Thanks for proving my point about you and your need for meds.

Zionism = EVIL

Jew fuck you are a born wanker LOL

Jake321

LOL…yet another of your erudite comments, Igor. Stick with your Vodka ration. That’s something you really know about.

Zionism = EVIL

TRULY :)

Jake321

Either “really” or “truly” are fine, Igor. But on this you may be correct. “Truly” does sound a wee bit better. But doesn’t it bother you to play the stupid, bigoted hick?

RichardD

More lies. The only thing that you’ve proven is your unwillingness and inability to conduct a rational fact and judicial quality evidence debate to prove your points or disprove mine.

Ashok Varma

Israel was also experimenting on ethnicity based viruses but could not deploy them in Palestine as they would also killed the Sephardic and Mizrahi real Arab background Jews, so they gave the bio-warfare research to the US who infected China as the Han Chinese are very vulnerable due to their poor meat eating habits. Only vegetarian people will remain safe.

Decatur Guy

Israel has been working on Bio weapons for decades.
Google’s Brin’s x-wife is co-founder and CEO of 23&me.
You’d have to be weapons grade stupid to let these “people” genetically profile you.
https://www.military.com/daily-news/2019/07/03/mail-ancestry-dna-kits-may-help-enemy-target-you-navys-top-officer-says.html

RichardD

US gold reserves, if they’re even still there, at $400 billion won’t even pay a years interest on the debt.

Jake321

LOL…you’re on to yet another tinfoil hat conspiracy. How cute. And you miss the gold point and fail to note all the others.

RichardD

What’s there to note? You haven’t disproven anything that I’ve written and the points that you raise are irrelevant to the comment that you’re replying to.

RichardD

The US has a 100% + debt to gdp ratio, no cash and gold reserves that are minor compared to the debt and haven’t been audited in decades. China has a less than 50% debt to gdp ratio and an 80% cash to debt ratio. Russia has a 7% debt to gdp ratio And a 1000% cash to debt ratio. As well as the best weapons in key areas and the ability to obliterate the US in 30 minutes. Probably less now with hypersonics launched from comparatively close range. It’s pretty obvious who’s in the better shape.

igybundy

they will be able to pay off faster if they just stop sending it out to useless fiends…

Jake321

But with a significant drop in oil prices it will hurt Putz Putin’s Russia, Islamist Iran and Want-to-be Socialist Venezuela way more than most. YEH!

Zionism = EVIL

China should supply free bat soup to the Jew gutter snipe. Jews love anything for free.

Jake321

Seems like it would be more your cup of tea. Of course, it has zero to do with the Coronavirus. You’re wrong as usual.

Dick Von Dast'Ard

Is it all really just a pre-agreed live-test in conscious economic uncoupling?

Dick Von Dast'Ard
ColinNZ

“Coronavirus May Tip the Global Economy Into Recession”

Do you not think that for the world to blame China for the long-forecasted global recession that is almost upon us is a dream come true for the anglozionists? The Western central banks have overseen decades of corrupt banking and QE ‘fixes’ that were certain to lead to financial collapse, and then just at the perfect moment this virus arrives – a virus whose rate of increase has been slowing for weeks, a virus way less destructive than the US 2009 H1N1 (did any politician or media call to shut down the US?) – this virus arrives to take full responsibility for global recession and demonise China at the same time. How convenient is that?

FlorianGeyer

I agree with you and judging by the US government hysteria in recent months, the bloated US debt is about to crush the US .

https://www.sgtreport.com/2020/02/coronavirus-bioweapon-update-unique-hiv-1-signatures-confirmed-by-team-of-indian-scientists/

” WUHAN CORONAVIRUS PANDEMIC BIOENGINEERED: Who’s behind it, why now and why China?”

PZIVJ

Not bat poop or strange fish from Fukashima? :)
comment image

FlorianGeyer

I had to look twice PZIVJ.
I first thought it was Nancy Pelosi.

I looked again, it IS her naked.

RichardD

The criminals that did 911 would do something like this.

Jake321

You really think the AQ Saudis have the ability to do this? WOW!

RichardD

The Jews and Zionists did 911. The Saudis were bit actors and whipping boys.

Jake321

LOL…how did I know you were as looney toon on this as all those other subjects? You truly are bonkers. Get help.

Zionism = EVIL

Learn ENGLISH yet JEW FUCK, TRULY LOL…………………

Jake321

LOL…says the drunk Putz Putin the Poisoner Troll to a Californian.

Zionism = EVIL

You ain’t no Californian Jew PUNK, your English is worse than Puerto Rican 3rd graders. Stick to Hebrew arsehole :)

Jake321

Don’t know Hebrew but I’m sure you know Russian quite well, Igor. For a a linguist, I would think you would be ashamed to post the crappy English you do.

Zionism = EVIL

Touchy little Jew illiterate faggot. ROFLMAO!

Jake321

Back to your erudite comments it seems.

Zionism = EVIL

More like Araldite!

Jake321

If you used that between your hands and your mouth, the world would be a much better place.

RichardD

Try conducting a mature, rational, fact and judicial quality evidence based debate rather than endlessly dodging the issues with juvenile lies and false accusations. Which you’ll lose. Like you have multiple times already. Because you’re a moron and habitual liar spamming these threads with hasbara bullsh–.

– “9-11/Israel did it” –

https://wikispooks.com/wiki/9-11/Israel_did_it

josef volny

The only thing you can do correct is to use English language,
otherwise you are an arrogant Jewish pig who thinks
he’s the smartest guy on the Globe.

Zionism = EVIL

Dancing Jews from Brooklyn :)

Jake321

LOL…you’re so drunk or so dumb, you can’t even get the fake story correct. Very funny.

Zionism = EVIL

Free BAT SOUP for the Jews, best deal in town.

Jake321

LOL…whatever that means. With you it just might be some special Russian treat or your usual road kill meal.

Zionist Internet Warrior

win win for humanity

FlorianGeyer

Certainly, I agree.

Marcus Porcius Cato

As a practical example of the disruption of the logistics chain, we should consider who might benefit from a Chinese inability to provide 5G infrastructure equipment to Europe. And the result of that consideration takes us back to the good ol’ US of A. More fuel for the bio-weapon thesis.

AleK

Meanwhile, 26 million Americans have gotten sick with flu this season and around people 14,000 have died already. Not very important for western mass media I guess…

PZIVJ

There is some cause for concern. Current Flu mortality rate 0.05%, and Corona virus over 2%.
China had to lock down a province of over 50 million to bring the current rate of spread somewhat “under control”.

Tommy Jensen

The figures so far is 50 000 cases and 1000 dead out of 11 million for Corona. Any nation can handle this without too many problems.

Lonesome Cowboy Burt

I’m erring on the side of caution. Going to stock up on some foodstuffs, water and basic supplies. Better to be safe. It’s just one thing after another with these f’n governments and the oligarchs, such as Bill Gates. From 0 hedge..

“You can’t make this stuff up! The Bill and Melinda Gates Foundation held a so-called “A Global Pandemic Exercise Event 201″ just 4 months ago which lays out exactly what is playing out now”

https://www.youtube.com/watch?v=AoLw-Q8X174

Ashok Varma

Not due to bio-warfare though.

notlurking

Maybe the US should lock down some cities…like NY, Boston, Washington DC…lol

hvaiallverden

Reseccion, hehe, when they go hysterical for what, 2%, ugh….. and down, what 1.7% of 100%, well, thats not an reseccion, its just close to an massive honking nothing burger, if it was down like 50% I would call it an downfall, but few scraps, is close to whats defined statisticaly as statistical Noice, if you understand that at all.
If it is to go into something regarding the Global eCONomy, then its not just this, we have other issues as well, and if anything, this will have some riple effects, but the main problem stil remains, the “socialism for the uber rich” banana replublic Wankeestan, not China.

Then we can talk about why, and thats more intresting than the acctual virus hysteria, since this hysterical screaming sesion is by large done deliberatly against China, where they finaly got something, and warped this to heights I fond downright stupid, ignorant rants, but when the MSM took the lead in drowning the woid with utter nonsense, the politicians dragged up further up, and what do you think happened, the western world went total balalaika, and sanity simple evaporated completely.
Then we have the eh…. CONspiracys, I may be one, but I always enshures that I in as far I can judge in an world full of bullshit at least try to keep it somewhat sane, follow reason and logic, knowledge and wisdom, witch is lacking this days, I knew already in the begining this was more an pure hate propaganda stunt against China since China have been jacked up to be the numbero uno enemy of the Imperial banana republic, and when scumbags like the never ending feeder of absolute crapp, the Pompeous clown and when He is quoted everywhere you should instingly know that something in this image have derailed completely.

I wounder what will happen the next weeks, when I am shure the numbers are faling, and all the hysterical babaling turns out to just that, babling ends, yeah, sites like ZH, to others, incl Sputink, etc to Norwegian MSM witch is so far out that I use them to give me something to laugh about, simply bonkers, and the propaganda against China is jaw dropping.
But some out there saw the same as I did, remeber SARS, Ebola, where the problem was SO sevear, and we all was going to die next friday, and when nothing more happened, it simply died off into nothing, but the same MSM incl so called Alternative, another buzz word deprived with meaning, they just started the same hysterical babeling when this arived into the world stage, and I never for an moment belive the western scums, nope, and to be honest, China did the right thing/s, and credit due to credit reconed, and China should be apologized to, becuase I dont think for an moment other nations could do the same, and China have 1.2 billion people, and we have what, thousand deaths, give me an f…. brake.
Get real.
Of course, one should be causios, when things do happen, but the level of hysteria never matched the facts, thats why I didnt bother to debate this in an media frenzy wher everybody was echoing eatch other.
Give is another 2-3 weeks and we may talk again and see whom was right or not, Corona isnt dangerous, when comon flu kills much more, and as the saying goes, there is an difference, I indeed hope so, between shaving and cutting once head off, right.

peace

Ilya

The Borg elephant defeated by the 2% fatality rate mouse!

ButtonPlay

is it really 2 % or more like 15 % for east asians and 2 percent for whites and 1 percent for blacks? ACE-2 receptors….

Larry Rabinowitz, Ph.D

BREAKING NEWS: According to my Israeli sources, Russia secretly lost an S-400 launcher in Hmeimmim Airbase during a rebel drone attack a couple days ago, but it was DUE to an Israeli Rampage missile launched by an F-35 that flew into Syrian territory concurrently with the drone attack. No Russian officers were hurt thankfully, however it was a message and demonstration of the Israeli capabilities and response to threats from Russia. The S-400 radars were not able to detect the F-35 or the Rampage missile, nor were they able to shoot it down. The Russians had thought a moderate rebel drone from Idlib was to blame for the destroyed S-400, and the FSA rebels even thought that they were the ones who destroyed the S-400 launcher. But none of them were correct, as the Israeli Airforce did secretly and undisclosed.

High Marshal Helbrect

Jews lie as always

Jake321

It’s “Helbrecht.” Try to get the simplest things correct.

Zionism = EVIL

JEWS ARE LIARS and worse vermin, now fuck off arse face.

Jake321

LOL…you really have been hitting your Vodka ration too hard lately, Igor.

Zionist Internet Warrior

you’ve been chowing down those matzoh balls lately, Jew Face

Zionist Internet Warrior

You realize Nevatim Airbase would be destroyed if this actually happened? And Israel would’ve been crying “anudda shoah” nonstop on the MSM 24/7

Larry Rabinowitz, Ph.D

not a chance

Zionist Internet Warrior

Really? Why don’t you try it then, find out for yourself :)

Jake321

Look on the bright side. The drop in oil prices is already hitting Russia hard and putting a crimp in Putz Putin’s Greater Russia Follies. It moves Islamist Iran closer to economic collapse. It makes the myth of the Chinese-Russian currencies replacing the US Dollar even more far fetched. It will encourage companies to diversify their suppliers away from China. And if there is a Recession. It makes it more likely Trump will lose re-election.

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